Bitcoin's second bottom test; those who have profited can temporarily take profits and exit. The 5000-point gain is the most cost-effective range for Bitcoin trading.
I emphasized earlier that it is very difficult for Bitcoin to continue breaking new highs in the short term. Coupled with a pullback bottoming out a few days ago, there is a high probability that there will be two to three more bottom tests subsequently. Therefore, the trading strategy should mainly focus on shorting at highs.
118000 is a very critical dense trading area. Once it breaks through, it will reach the high of 120000. If it can't go up, there will be significant space for you to short. Even if it breaks 120000, the risk-reward ratio for going long is not sufficient, so the probability and risk-reward ratio for shorting are the most appropriate.
For those who are in the short positions near 120000, they have already profited twice. Now, do not blindly chase longs! A downtrend has already formed. If there is a bull market in September-October, August is likely to see a waterfall-like pullback. Do not be fixated on the bull market and going long!
In trading, you must ignore bulls and bears, and only look at the trend of your own trading cycle. If you trade according to the trend and capture the entry and exit points, the probability of making a profit will naturally be high.
115000 is the temporary support level for Bitcoin. After each bottom test, do not rush to chase longs, but rather observe the upward trend. 118000 and 120000 are two thresholds. Once you easily cross 118000, 120000 will be easily reached. At this point, a change in trend signal will appear, which is a key position to enter. Do not operate blindly; strictly execute the trading strategy.
In trading, only engage in certain market movements; during other times, being in cash and waiting is the best trading strategy. $BTC $ETH $SOL
